Verisk Announces Expanded Integration of 360Value® on Duck Creek Platform

Rhea-AI Summary

Verisk has announced an expanded integration of its 360Value replacement cost estimates with Duck Creek’s Content Exchange, enhancing homeowners insurers' ability to access up-to-date, localized data on reconstruction costs amid supply chain challenges and inflation. The integration aims to improve the underwriting process by providing timely cost estimates, leveraging robust claims data. This solution supports insurers throughout the policy lifecycle, fostering informed decision-making.

Positive

• Expanded integration of 360Value on Duck Creek's Content Exchange enhances insurer access to essential replacement cost data.
• Offers localized, continually updated data on materials and labor costs to improve underwriting decisions.

Negative

• None.

Verisk Solution Enables Homeowners Insurers to Quickly Access Claims-Driven Replacement Cost Estimates through Duck Creek’s Content Exchange

JERSEY CITY, N.J. , Sept. 13, 2022 (GLOBE NEWSWIRE) -- Verisk, (Nasdaq: VRSK), a leading global data analytics provider, announced today the expanded integration of its 360Value^® replacement cost estimates on Duck Creek’s Content Exchange.  

At a time when supply chain delays and inflation are rapidly changing reconstruction costs, the addition of 360Value for Personal Property will enable homeowners insurers to access localized, continually refreshed data on materials and labor costs from Verisk through the Duck Creek Platform. Verisk’s 360Value is supported by robust data from actual claims and can help insurers provide up-to-date pricing and sufficient coverage amounts.

“Quick and easy access to reliable replacement cost estimates is super critical for homeowners insurers in today’s volatile market,” said Rohit Bedi, Chief Revenue Officer, Duck Creek. “With the out-of-box integration of Verisk’s 360Value into the Duck Creek Content Exchange, carriers who use our software will now be able to make faster and more informed underwriting decisions throughout the policy life cycle.”

360Value is the latest Verisk product available on Duck Creek’s Content Exchange. Duck Creek customers can currently access a wide range of Verisk tools through the Content Exchange, including 360Value replacement cost estimates for commercial properties, insights into property changes over time and powerful, property claims management solutions.

“Supply chain challenges and inflation are making it more important than ever for property insurers to have access to current pricing data on labor and materials,” said Doug Caccese, president of risk assessment, underwriting solutions, Verisk. “Adding our home replacement cost estimates to Duck Creek’s platform will enable insurers to leverage our high-quality data in a new channel, and help ensure that policyholders across the United States can rebuild effectively if their homes are destroyed.”

About Verisk
Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global issues, including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.

About Duck Creek Technologies
Duck Creek Technologies (NASDAQ: DCT) is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.

FAQ

What is the significance of Verisk's integration with Duck Creek for homeowners insurers?

The integration allows homeowners insurers to access up-to-date replacement cost estimates, improving their underwriting processes.

How does Verisk's 360Value product help in today's market?

360Value provides localized data on reconstruction costs, addressing challenges posed by supply chain delays and inflation.

When was the expanded integration of Verisk's 360Value announced?

The integration was announced on September 13, 2022.

What data supports Verisk's 360Value estimates?

The estimates are backed by robust data from actual claims, ensuring reliability and accuracy.

Which stock symbol represents Verisk?

Verisk is represented by the stock symbol VRSK.